SDP presidential candidate Adewole Adebayo says he would cap the prices of petrol, cooking gas and Jet A1 at N200 per litre within 12 months if elected president.
The presidential candidate of the Social Democratic Party (SDP), Adewole Adebayo, has promised to reduce the prices of petrol, cooking gas and aviation fuel to a maximum of N200 per litre within 12 months if elected president in 2027.
Adebayo made the pledge during an interview with the News Agency of Nigeria (NAN) in Abuja on Sunday.
According to reports of the interview, his proposal would focus heavily on increasing domestic refining capacity and reducing Nigeria’s dependence on imported refined petroleum products.
How Adebayo Plans To Reduce Fuel Prices
Adebayo said an SDP administration would rehabilitate Nigeria’s existing refineries while creating an environment where modular refineries could operate effectively.
He argued that the age of Nigeria’s refineries should not automatically make them obsolete, pointing to older refineries in the United States that remain operational.
He also proposed reserving about 450,000 barrels of crude oil for domestic consumption, with the resulting petroleum products used to support his proposed pricing framework.
Adebayo said revenue from other products derived from the crude, including naphtha, heavy fuel oil, diesel and kerosene, could be used to sustain the pricing arrangement.
He further said the SDP would work with the National Assembly to create the legal framework required for the proposal.
Broader Cost-of-Living Proposal
The SDP candidate linked his fuel proposal to a wider plan aimed at reducing the cost of living.
He proposed policies aimed at limiting transportation and housing costs relative to workers’ salaries, while also advocating free education and healthcare.
Adebayo argued that Nigeria should focus on domestic production and refining rather than continuing to rely heavily on imported petroleum products.
What Remains Unclear
The N200 target remains a campaign promise, and its feasibility would depend on factors including refining capacity, crude availability, government revenue, exchange rates, distribution costs and the policy framework eventually adopted by any incoming administration.
Adebayo is seeking to unseat President Bola Tinubu in the 2027 presidential election.